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Pioneer Back In Black In FY ’11

Tokyo – Pioneer swung to the
black in its 2011 fiscal year ending March 31, posting net income of 10.4
billion yen ($128.7 million) on a 4.2 percent sales gain to 457.5 billion yen ($5.66
billion) vs. a year-ago net loss of 58.3 billion yen ($721.3 million).

 Operating income also swung into the black,
hitting 15.8 billion yen ($195.4 million) compared to a year-ago loss of 17.5
billion yen ($216.6 million).

dollar figures are based on a conversion rate of $1 to 80.8 yen.

The company’s two main business
segments – home electronics and the combined OEM and aftermarket car
electronics segment — posted operating incomes of 2.54 billion yen and 14 billion
yen, respectively. The segments’ 2010 operating losses were 9.2 billion yen and
7.3 billion yen, respectively.

(See tables for more details on
consolidated and segment sales and operating profits.)

operating income rose because of sales growth and an improvement in gross
profit margin, which resulted from a 21.9 billion yen restructuring charge in
2011, other cost reductions, and lower selling, general and administrative
expenses, the company said.

sales rose 4.2 percent mainly because of Blu-ray Disc drive-related products,
whose sales growth offset the negative impact of Pioneer’s withdrawal from the
plasma display business in fiscal 2010, the Japanese yen’s appreciation, and
the earthquake, Pioneer explained.

in the car electronics segment posted a 1.9 percent gain to 254.1 billion yen,
with OEM accounting for 43 percent of sales, down from 44 percent in fiscal
2010.  Aftermarket sales rose by an
unspecified amount, mainly due to growth in aftermarket sales in North America
and Europe. OEM sales were also up an unspecified amount because of gains in
North America and Japan, offsetting a decline in China.

electronics sales rose 16.2 percent to 157.6 billion yen because of a “large
increase” in Blu-ray drive-related sales resulting from the launch of
operations in an optical disc joint venture factory in the second half of the
previous fiscal year, Pioneer said.